Hokuriku Electric Power : 2nd Quarter version October 31, 2023 [

FY2023 2nd Quarter

Financial Results

Oct 31, 2023(Tue)

Contents

Ⅰ . Outline of Financial Results for FY2023 2nd Quarter

・Electricity Sales	……02
・Generated Power	……03
・Summary of Consolidated Financial Results	……04
・Financial Forecast and Dividend Forecast for FY2023	……07
・Summary of Financial Results by Segment	……08
・Consolidated Balance Sheet (Summary)	……09
・Consolidated Statement of Cash Flow (Summary)	……10

Ⅱ. Supplemental Material

(Reference) Key Factor, Consumption of Fossil Fuels and Capital Investment	……12
(Reference) Time Lag Effect of Fuel Cost Adjustment System [Actual]	……13
(Reference) Data related to Financial Results	……14

Ⓒ Hokuriku Electric Power Company, All Rights Reserved.

Ⅰ . Outline of Financial Results for FY2023 2nd Quarter

Ⓒ Hokuriku Electric Power Company, All Rights Reserved.

1

Electricity Sales

(Billion kWh,%)

		FY23/2Q	FY22/2Q	Comparison
		(A)	(B)	(A)-(B)	(A)/(B)
	Retail	11.89	12.97	Δ1.08	91.7
	Lighting	3.26	3.37	Δ0.12	96.5
	Power	8.64	9.60	Δ0.96	90.0
	Wholesale	1.82	3.38	Δ1.57	53.7
	Total	13.71	16.36	Δ2.65	83.8

• Main Factors 》

< Lighting >

･Decrease in time to be home due to the reclassification of COVID-19

･Decrease in contract demand

･Decrease in factory operations

･Decrease in trading at

JEPX

(Reference)Average monthly temperature in Hokuriku 3 cities				(℃)
April	May	June	July	August September

	early	mid	late	average
Actual data	13.1	14.9	13.8	13.9	18.4	22.8	27.9	30.5	26.3
Comparison with	＋1.3	＋0.6	Δ2.1	Δ0.1	0.0	Δ0.7	＋0.8	＋2.8	＋2.0
the previous year
(Note)Hokuriku 3 Cities：Toyama City, Kanazawa City, Fukui City
					Ⓒ Hokuriku Electric Power Company, All	Rights	Reserved.	2

Generated Power

《Hydro》

Decrease in water flow(Year-on-year)《Thermal》

Decrease in coal-fired thermal power generated

				(Billion kWh,%)
	FY23/2Q	FY22/2Q	Comparison
	(A)	(B)	(A)-(B)	(A)/(B)
[Flow rate]	[87.8]	[103.5]	[Δ 15.7]
Hydro	3.33	3.73	Δ0.40	89.3
Thermal	8.33	10.54	Δ2.20	79.1
Nuclear	－	－	－	－
Renewable	0.00	0.00	Δ0.00	99.6
Total	11.67	14.27	Δ2.60	81.8

Ⓒ Hokuriku Electric Power Company, All Rights Reserved.

3

Summary of Consolidated Financial Results

《Consolidated Financial Results》

･Ordinary income increased due to revisions to electricity rates and increase in fuel cost adjustment charges.

						(Billion yen,%)
			FY23/2Q	FY22/2Q	Comparison
			(A)	(B)	(A)-(B)		(A)/(B)
	Sales		407.9	374.9	32.9	108.8
	(Operating Revenue)
Consolidated	Ordinary Income		70.0	Δ 37.7	107.7		―
	Net Income Attributable		51.1	Δ 38.1	89.3		―
	to Owners of Parent
						《 Main Factor 》
	Currency rate	(Yen/＄)	141.1	134.0	7.0
							･Revisions to electricity rates
Key Factor	Crude Oil CIF prices[All Japan]	(＄/b)	83.5	111.9	Δ 28.5
Coal CIF prices[All Japan]	(＄/ｔ)	221.4	342.8	Δ 121.5
	LNG CIF prices[All Japan]	(＄/t)	636.8	922.7	Δ 285.8

[reference］ The number of consolidated subsidiaries︓29 affiliates and 10 equity method affiliates

Ⓒ Hokuriku Electric Power Company, All Rights Reserved.

4

Changing Factor of Consolidated Sales

(Billion yen)

420

400

380

360

340

320

300

				Revisions to	Approx.
			electricity rates
			10.0
		Decrease in
				Revisions to
		electricity sales	Approx.	transmission
				charges
			Increase in fuel	50.0
		Approx.	cost adjustment
		charges		407.9
		Δ50.0
	374.9		Approx.
		23.0

FY22/2Q

FY23/2Q

Ⓒ Hokuriku Electric Power Company, All Rights Reserved.

5

Changing Factor of Consolidated Ordinary Income

(Billion yen)

80

60

40

20

0

• 20
• 40
• 60
• 80
• 100

									Time lag effect of
								fuel cost adjustment
									Approx.
									32.0
									(FY23/2Q)
									70.0
									Approx.
								Revisions to	44.0
								transmission
								charges	(FY22/2Q)
							Revisions to	Approx.
	Δ37.7	hydro					electricity rates	10.0
		Decrease in
	Decrease in	generated				Decrease in
	electricity sales
	Approx.				Approx.
				price of
	Approx.			Progress on
			50.0
	Δ4.0(FY23/2Q)
	Δ16.0	Increase in	reducing costs	electricity
	equipment-related	Approx.	purchased from
			expenses		JEPX
		Approx.	Approx.		5.0	Approx.
		Δ6.0	Δ12.0		(FY23/2Q)	2.0
			Approx.
		(FY22/2Q)			3.0
					(FY23/1Q)
FY22/2Q								FY23/2Q

Ⓒ Hokuriku Electric Power Company, All Rights Reserved.

6

Financial Forecast and Dividend Forecast for FY2023

《Financial Forecast》

･Ordinary income and Net income revise upward to progress on reducing costs. 《Dividend forecast》

･We change the Year-end divided per share from "uncertain" to "7.5yen".

	(Billion kWh, Billion yen,%)
	Previous	Comparison
FY23	Forecast
Forecast(A)	(Announced on
	July 28）(B)	(A)-(B)

	Total sales of	29.0	29.0		―
	Electricity Power
	Sales	840.0	840.0		―
	(Operating Revenue)
Consolidated
Ordinary Income	40.0	25.0		15.0
	Net Income Attributable	30.0	20.0		10.0
	to Owners of Parent
Interim dividend per share	0yen	0yen
Year-end dividend per share	7.5yen	uncertain
	Currency rate (Yen/＄)	Approx. 145	Approx. 143
Key Factor	Crude Oil CIF prices[All Japan] (＄/ｂ)	Approx. 90	Approx. 90
Coal CIF prices[All Japan] (＄/ｔ)	Approx. 250	Approx. 270
	LNG CIF prices[All Japan] (＄/ｔ)	Approx. 720	Approx. 750

FY22

Actual

32.7

817.6

• 93.7
• 88.4

0yen

0yen

135.5

102.7

358.0

930.5

Ⓒ Hokuriku Electric Power Company, All Rights Reserved.

7

Summary of Financial Results by Segment

					(Billion yen,%)	《 Main Factors 》
		FY23/2Q	FY22/2Q	Comparison	・Revisions to electricity rates
		(A)	(B)	(A)-(B)	(A)/(B)
Sales	407.9	374.9	32.9	108.8	・Decrease in sold power to
	Electric power generation	379.2	343.7	35.4	110.3
	and sales business	other utilities and
	Electric power transmission	100.7	112.5	Δ 11.8	89.5	suppliers, etc.
	and distribution business
	Others	58.9	61.6	Δ 2.6	95.6
	Adjustment amount＊	Δ 131.0	Δ 143.0	12.0	－
Ordinary Income	70.0	Δ 37.7	107.7	－
						・Revisions to electricity rates
	Electric power generation	57.6	Δ 33.7	91.3	－
	and sales business
					・Decrease in
	Electric power transmission	11.2	Δ 2.1	13.3	－
	and distribution business	purchased power
	Others	3.6	3.3	0.2	108.8
	Adjustment amount＊	Δ 2.5	Δ 5.2	2.6	－

*:The elimination of internal transactions.

Ⓒ Hokuriku Electric Power Company, All Rights Reserved.

8